Inland Retail Real Estate Trust reportedly is in talks to buy Pan Pacific Retail Properties. Unnamed sources in a report by Realty Stock Review say PNP could sell for as much as $60 per share. PNP closed yesterday at $50.70.
Neither Inland nor Pan Pacific chose to comment on the report.
Pan Pacific's 131-property portfolio includes roughly 20.9 million sq. ft. of retail space throughout five western U.S. markets — Northern California, Southern California, Washington, Oregon and Nevada.
Inland Retail Real Estate Trust is a closely held umbrella partnership real estate investment trust (UPREIT) that owns about 80 shopping centers and 20 free-standing retail properties in suburban areas of Georgia, Florida and other southern states. The company’s portfolio encompasses more than 13.5 million sq. ft. of leasable space.
Given the geographical profile of both portfolios, such a merger may make sense. It would also be in line with Inland’s aggressive acquisition campaign last year.